Australian Vanadium hopes to follow in Chalice’s footstep with new strategic alliance
Mining News Pro - Australian Vanadium, Lithium Australia and private company Mercator Metals have banded together to explore nickel sulphides in the Coates Mafic Intrusion, part of Australian Vanadium’s Coates project near Perth in Western Australia.
In a media statement, the miners said they were inspired to form the alliance following Chalice Gold Mines’ recent discoveries of nickel, copper and platinum-group elements (PGE) mineralisations at the Julimar project, which is located close to the Coates project.
Lithium Australia managing director Adrian Griffin said there were similarities between the Julimar project and the Coates project.
“The recent discovery of significant nickel- copper-PGE mineralisations at the Julimar Project by Chalice Gold Mines highlights the potential for additional discoveries in similar geological environments and the Coates Mafic Intrusion, located only 29 kilometres away, provides a tremendous opportunity,” he said.
Over the past months, Chalice Gold has made a number of high-grade discoveries at its greenfield Julimar project, which led to the company receiving strong interest from investors and raising a $30-million capital investment last month to expand its explorations.
Also commenting on the similarities was Australian Vanadium’s managing director Vincent Algar.
“The discovery of nickel-copper- PGE at the Julimar Project has generated a lot of interest in the Western Yilgarn, and the strategic alliance announced today is intended to streamline exploration processes through seamless and efficient use of personnel and capital,” he said.
The combined continuous tenement package will cover a 59 kilometre squared area, which stretches across the entire Coates Mafic Intrusive Complex.
Each company will need to cater for their own costs, including rents and rates, with the tenements posing the opportunity for joint venture development or combined sale.